Canadian Money Forum banner

What should be my next goal? (long post)

5737 Views 9 Replies 9 Participants Last post by  dogcom
I'm looking for advice on next financial goals to have in my life. I recently got some good news at work that I will be promoted and that due to the completed reorganization my job should be safe for the next few years.

I'm married in Calgary with a major oil and gas company. I'm 35 , my wife stays at home and is 40, our kids are 4 and 2 years old. Our home (average Calgary home) is paid off completely. My current salary is $155,000/yr. We are reasonably frugal so after all of our expenses & savings contributions we usually have $1,500-$2,000 left over each month. My new job entails a good raise (around 10%) plus increased yearly bonus. Last few years was 30% of salary, now will likely be 40%.


TFSA 10,000
House 425,000
Work Group RRSP 60,000
Work employee share plan 17,000
Work share bonus plan - max $70,000, min $0
RSP his 120,000 (ETFs in couch potato strategy)
RSP hers 90,000 (ETFs in couch potato strategy)
Vehicle 1 25,000
Vehicle 2 4,000

TOTAL ASSETS $740,000 - $840,000

manulife one acount -$3,000 (remaining from summer landscaping costs of $15,000)

Net Worth $737,000 - $837,000

Other assets
RESPs - $21,000
RDSPs - $3,000 (both children have cystic fibrosis a genetic disease affecting their lungs, health is currently good but who knows in future)

I currently max my employer GRRSP plan (14% of salary), the employee stock contribution plan (600/month), TFSA contributions (400/month each) and contribute $600/month to my wifes RRSP. As well I max out the RESPs ($400/month) and RDSPs ($300/month).

Long term goals for my wife and I would be to provide for our children and take early retirement (55-60) living a modest lifestyle in a warmer climate (or be snowbirds)

A few questions:
Am I missing any fundamental financial planning components? (i.e. are the savings and contributions above adequate to retire at 55-60?

Based on my income and free cash what would be likely next financial steps?

Thanks to bonuses and stock options we are considering vacation properties or taking on major pruchases such as major home reno, RV or sports car.
See less See more
1 - 1 of 10 Posts
I think hitting $1M in net worth excluding your primary residence would be a nice goal.

I agree. For someone in your position, that would be a good target.

If I can just throw in a little bit of preachy advice as well, I wouldn't simply limit goals to financial ones but would make some health goals, relationship goals, family goals and some fun goals such as places you may like to visit or things you would like to do. I've always found that all this stuff is more interconnected than we realize and taking care of one area tends to support the others.
1 - 1 of 10 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.